27/04/2026

BIZ & FINANCE MONDAY | APR 27, 2026

20

MARKETS/FROM THE BROKERS

SUNBIZ presents extracts of a selection of commentaries and research reports received from stockbrokers on counters that could be of interest to investors.

DISCLAIMER: The information is extracted from stockbrokers’ commentaries and research reports and do not represent the views or opinions of Sun Media Corporation Sdn Bhd. It is not a solicitation, recommendation or an offer to buy or sell the equities featured. Sun Media Corporation shall not be liable or responsible for any consequences resulting from usage of the information.

[ Compiled by SunBiz Team

Gold futures to stay cautious amid rising inflation concerns KUALA LUMPUR: Gold futures are expected to remain cautious in the near term as the lack of positive development in the war in West Asia has resulted in crude oil prices gradually climbing. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said this gives the impression that the inflation rate could be higher. He said that the rationale for higher gold prices is becoming more evident, as the risk of rising inflation suggests that holding more gold could serve as a hedge against it. Nonetheless, gold prices have corrected after reaching US$5,500 per ounce in January 2026. “For now, gold prices have hovered around US$4,500 to US$4,900 per ounce. With the current sentiment, spot gold prices would oscillate around US$4,600 to US$4,700 per ounce next week (this week) ,” Mohd Afzanizam told Bernama. On a week-on-week basis, the spot-month April 2026 contract fell to US$4,697.70 per troy ounce on Friday from US$4,868.00 per troy ounce in the previous week. The May 2026 contract declined to US$4,720.20 per troy ounce from US$4,836.20 per troy ounce. The June, July, and August 2026 contracts decreased to US$4,735.70 per troy ounce from US$4,854.70 per troy ounce in the preceding week. Weekly trading volume edged down to 58 lots from 60 lots, while open interest slipped to 74 contracts on Friday from 87 contracts a week earlier. Physical gold was fixed at US$4,719.15 per troy ounce at the London Bullion Market Association afternoon fix on April 23, 2026. – Bernama

Ringgit expected to trade in tight band this week

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

THE ringgit is expected to trade in a tight band this week, hovering between RM3.94 and RM3.96 as investors await further economic data from the United States, according to an economist. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the focus this week would be on the US Federal Open Market Committee (FOMC) meeting, which will be held on April 28 and 29. He said most economists expect the Fed Fund Rate (FFR) to remain unchanged at 3.75%. While such a decision has been priced in by the market, he said the latest assessment would be the guiding principle on how the FFR would evolve going forward. “This would mean data points such as the Conference Board Consumer Confidence Index, ISM manufacturing index for the manufacturing sector, as well as Personal Consumption Expenditures (PCE) inflation, will also be closely monitored as the data series will be released this week. “As such, expect dollar-ringgit to maintain its narrow range bias as market participants will remain cautious.” he told Bernama. The ringgit eased against the US dollar at 3.9630/9670 on Friday, compared with 3.9505/9545 at the end of the previous trading week. It rose against the British pound to 5.3429/3483 from 5.3454/3508, and appreciated against the euro to 4.6312/6358 from 4.6588/6635, while it gained versus the Japanese yen to 2.4808/4834 from 2.4838/4865. It inched up versus the Singapore dollar to 3.1009/1043 from 3.1053/1086, strengthened against the Thai baht to 12.2183/2363 from 12.3084/3274, and elevated against the Philippine peso to 6.52/6.53 from 6.58/6.59 previously.

1 US Dollar

4.0410 2.8900 3.1550 2.9410 4.7150 2.3690 3.1550 5.4340 5.1600 3.3580 59.4100 64.6800 51.9900 4.3700 0.0244 2.5450 44.3300 1.5000 6.7600 111.7200 108.5800 25.1400 1.3400 44.9000 12.9600 110.9900 N/A

3.8950 2.7730 3.0550 2.8580 4.5610 2.2810 3.0550 5.2600 4.9400 3.1140 56.8900 59.5000 49.3800 4.0600 0.0215 2.4270 40.7700 1.3400 6.3700 106.0600 103.0800 22.6900 1.1600 40.8900 11.4900 105.1900 N/A

3.8850 2.7570 3.0470 2.8460 4.5410 2.2650 3.0470 5.2400 4.9250

1 Australian Dollar 1 Brunei Dollar 1 Canadian Dollar 1 New Zealand Dollar 1 Singapore Dollar 1 Sterling Pound 1 Swiss Franc 100 UAE Dirham 100 Bangladesh Taka 100 Chinese Renminbi 100 Danish Krone 100 Hongkong Dollar 100 Indian Rupee 100 Indonesian Rupiah 100 Japanese Yen 100 New Taiwan Dollar 100 Norwegian Krone 100 Pakistan Rupee 100 Philippine Peso 1 Euro

104.9900 2.9140 59.3000 49.1800 3.8600 0.0165 2.4170 40.5700 1.1400 6.1700 105.8600 102.8800 22.4900 0.9600 40.6900 11.0900 N/A N/A

100 Qatar Riyal 100 Saudi Riyal

100 South Africa Rand 100 Sri Lanka Rupee 100 Swedish Krona

100 Thai Baht

Source: Malayan Banking Bhd/Bernama

Malaysia Smelting Corporation Bhd Outperform. Target price: RM2.60

Solarvest Bhd Buy. Target price: RM3.82

UUE Holdings Bhd Outperform. Target price: RM0.55

April 24, 2026: RM0.44

April 24, 2026: RM2.85

April 24, 2026: RM1.92

Source: PublicInvest Research

UUE Holdings (UUE) recorded a core PATAMI of RM7.6m in 4QFY26, rising 18.8% QoQ, driven by margin expansion, particularly from its Singapore operations. On a YoY basis, earnings surged 159.2%, underpinned by stronger progress billings from the underground utilities engineering segment alongside a 40.6% increase in revenue. Consequently, FY26 core PATAMI came in at RM21.8m, exceeding our and consensus estimates at 109.6% and 106.7%, respectively. The Group’s orderbook remains robust at RM536.4m across Malaysia and Singapore, providing earnings visibility of up to three years. This is further supported by service expansion into two subsea HDD contracts and its maiden venture into EPCC of 33kV to low-voltage electrical systems. However, despite the strong orderbook, we see execution risks persisting, particularly in securing work permits in Singapore, which may constrain activity levels. UUE’s 4QFY26 performance was underpinned by stronger contributions across its core business segments alongside an improved geographical mix. The underground utilities engineering solutions segment remained the key earnings driver, rising 34.5% YoY to RM51.8m, supported by higher project progress and execution. Meanwhile, the manufacturing and trading of HDPE pipes segment rebounded strongly, more than doubling YoY (+102.9%) to RM6.9m, which contributed to margin expansion. Malaysia continued to lead performance with RM49.4m in revenue, while Singapore rebounded sharply to RM9.5m (vs. RM1.1m YoY), reflecting improved activity levels, albeit still constrained by execution bottlenecks. Maintain Outperform with lower TP of RM0.55. - PublicInvest Research, April 24

Source: Bloomberg, Phillip Capital Research

Source: PublicInvest Research

SOLARVEST, via its wholly owned subsidiary Atlantic Blue Sdn Bhd, has secured a RM1.1bn engineering, procurement, construction and commissioning (EPCC) contract from Malakoff Silver Solar Sdn Bhd to develop a 470MWac solar PV plant and interconnection facility under the LSS5+ programme in Larut and Matang, Perak. This represents Solarvest’s single largest EPCC contract awarded to date, ranks among the largest utility-scale solar PV plants in Asean. This marks Solarvest’s first contract win for FY27, representing 73% of our initial order book replenishment assumption of RM1.5bn. Assuming an 8% PBT margin, this contract is estimated to contribute RM90m in PBT over the contract duration. Following this award, Solarvest’s outstanding order book rises to RM2.7bn, providing strong earnings visibility through FY27-28E. Notably, Solarvest is also the asset owner for this project with estimated recurring PAT contribution of RM4m per annum over the 21-year PPA. Once operational, the combined recurring income portfolio is expected to contribute 25% of group annual profit from FY28E onwards, supporting management’s target of achieving 30% recurring income mix under its 5-year strategic roadmap. FY26 contract win came in at RM1.7bn, falling short of our earlier RM2.5bn assumption due to the timing delay in this award into FY27. Accordingly, we raise our FY27E replenishment assumption to RM2.6bn (from RM1.5bn) and maintain our FY28E replenishment assumption at RM1.6bn. Maintain BUY with higher TP of RM3.82. - Phillip Capital Research, April 24

FOLLOWING a site visit to Malaysia Smelting Corp’s (MSC) Rahman Hydraulic Tin open-pit mine, we came away feeling positive about its prospects. Our optimism is underpinned by expectations of elevated tin prices driven by a sustained structural deficit, as well as meaningful improvements in MSC’s mining division, where operational efficiency and recovery rates steadily improving. Although production costs are expected to increase, largely due to higher diesel prices, this is expected to be offset by higher selling prices. Each one-ringgit increase in diesel price is estimated to raise production cost by US$1,000 per tonnes while tin prices are trading at around US$50,000 per tonne. The commissioning of a new tin tailing scavenging plant is set to boost daily tin concentrate production to 14 tonnes, up from 11 tonnes previously. Furthermore, MSC is strengthening its upstream operations at RHT by constructing a new RM10m rotary furnace to enhance tin ore processing efficiency, with the goal of achieving a more integrated workflow, lowering transportation costs, and improving security. In our 1H2026 Market Outlook dated Dec 23, 2025, Flushing liquidity against a chaotic global backdrop , we highlighted the potential growth for Malaysia’s rare earth industry and the possibility of MSC being involved in the development of a local supply chain in view of its long history and experience in mineral mining. We maintain our view that MSC is in a strategic position to play a more important role in this field, should opportunity arise in the future. We reiterate our Outperform call and RM2.60 TP. - PublicInvest Research, April 24